Articles by Jason Spits

Create amnesty to exit legacy pensions

March 26, 2020

The current market downturn has highlighted the need for legacy defined benefit pensions to shift to more modern alternatives.

read more

ATO, Superannuation

ATO issues SMSF early release details

March 25, 2020

Jason Spits

SMSF members have been given details about how they can gain early release to their funds under the government’s coronavirus relief provisions, with the ATO urging caution for trustees.

read more

ATO, Auditing

Tax agents tagged in SAN misuse probe

March 25, 2020

Jason Spits

The ATO has examined more than 1000 cases of SMSF auditor number (SAN) misuse and has taken against 90 people as part of its rolling compliance efforts.

read more

Pensions

Pension relief better for 2020/21

March 24, 2020

Jason Spits

The reduction in minimum pension drawdown amounts will have a greater impact in the next financial year, but trustees should be planning for it in the near future.

read more

Accounting

SMSFs await relief package details

March 23, 2020

Jason Spits

Following the federal government’s coronavirus announcements, SMSF trustees are still waiting for details on how early access will apply to them.

read more

Pensions, Superannuation

SMSFA seeks drawdown cut

March 19, 2020

Jason Spits

The SMSF Association has asked the government to reduce minimum drawdown amounts from superannuation in response to COVID-19’s impact on financial markets.

read more

Accounting

LRBA and property development not a good mix

March 19, 2020

Jason Spits

A close reading of recent ATO comments about property development within an SMSF using an LRBA indicates it should be avoided at all costs.

read more

Estate Planning, Superannuation

Legal disputes point back to paperwork

legal disputes superannuation documentation

March 18, 2020

Jason Spits

Legal disputes around superannuation in a deceased estate have centred on the quality of the documentation, forcing advisers to pay attention to the mistakes that were made.

read more

Retirement, Strategy

TRIS strategy still has role to play

March 17, 2020

Jason Spits

Changes to the tax treatment of transition-to-retirement income streams have not diminished their usefulness for some pre-retirement clients.

read more

Estate Planning, Pensions

Set model no BDBN tension fix

March 16, 2020

Jason Spits

A prescribed model on how to deal with binding death benefit nominations and reversionary pensions was unlikely due to a lack of agreement on their operation inside an SMSF.

read more